The natural inclination of the mind at a time like this is to assume that the trend of the recent past will continue into the future; that there’s a sort of permanence to current market conditions. As a response, the primary thing I’m saying to clients is “don’t get attached to it because everything is impermanent, especially the market’s level.” That doesn’t mean I predict it’s going to go down. But I do predict it’s going to change, constantly.
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